https://www.taxtmi.com/caselaws?id=277881 The Tribunal dismissed the Revenue's appeal against the deletion of the penalty imposed under section 271AAB of the Income Tax Act for Assessment Year 2013-14. The penalty was reversed based on the lack of incriminating evidence during a search and seizure operation, emphasizing the necessity of undisclosed income and a specified previous year for penalty imposition. The Tribunal upheld the CIT(A)'s decision, highlighting the strict interpretation required for penalty provisions in tax statutes and the absence of evidence to support the penalty imposition. en-us Fri, 29 Jun 2018 00:00:00 +0530 Thu, 27 Dec 2018 15:58:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277881 The Tribunal dismissed the Revenue's appeal against the deletion of the penalty imposed under section 271AAB of the Income Tax Act for Assessment Year 2013-14. The penalty was reversed based on the lack of incriminating evidence during a search and seizure operation, emphasizing the necessity of undisclosed income and a specified previous year for penalty imposition. The Tribunal upheld the CIT(A)'s decision, highlighting the strict interpretation required for penalty provisions in tax statutes and the absence of evidence to support the penalty imposition. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277881